Fantom Chain Creates Foundation and Sonic Labs, Secures $10 Million Funding for Ecosystem Development

The foundation behind Layer 1 blockchain Fantom announced on Thursday (23rd) that it will establish the Sonic Foundation and Sonic Labs to support its new high-throughput L1 chain, Sonic.

According to the announcement released by the Fantom Foundation, the Sonic Foundation will be responsible for governing the Sonic ecosystem and managing its treasury functions, while Sonic Labs will focus on decentralized applications, partnerships, and communities within the Sonic network.

Fantom Opera is an independent network within the Fantom ecosystem that focuses on decentralized finance (DeFi), while the new Sonic blockchain will connect to the Ethereum ecosystem through Layer 2 cross-chain bridges. Michael Kong, CEO of the Fantom Foundation, stated in an email sent to CoinDesk that Sonic will have the ability to “independently extract funds on Ethereum” and will generate proofs for “every asset bridged from Ethereum to Sonic.”

Kong added that Sonic will greatly surpass Fantom in terms of speed and security, and it is expected that over time, users and developers will fully migrate to the Sonic chain.

The Fantom team also stated that once the Sonic chain goes live (expected at some point this year), the network will have its native token, $S, which will be interoperable with the existing FTM token on Fantom at a 1:1 ratio, as confirmed in a recent governance vote.

Alongside the announcement of the establishment of the new Sonic entity, Fantom also announced the completion of a $10 million strategic funding round led by South Korean crypto venture firm Hashed. This funding will be used for the development of the Sonic ecosystem and products. According to Michael Kong, Sonic is expected to debut in late summer or early autumn this year.

Source:
Related article: “Fantom to Launch New Network Sonic, Building ‘Shared Sorter’ for Other Blockchains”

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